AnswersFinancial MathStatistics in Business and Financial Decisions

Statistics in Business and Financial Decisions — Quiz Answers

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1
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What is the sample in this scenario?

A
the 1 comma 000 randomly selected customers
B
any customer submitting a support ticket
C
any new customers signing up during the study
D
the 15 comma 000 new customers at the start of the study
2
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What is the observed variable of this study?

A
the number of support tickets submitted
B
the number of times a customer accesses the onboarding
C
whether a customer is part of the onboarding
D
whether a customer volunteered to participate
3

What method of data collection was used in this scenario?

A
survey
B
bias
C
experiment
D
observational study
4

What is the population of the study?

A
the 1 comma 000 randomly selected customers
B
any customer who submits a support ticket
C
the 15 comma 000 new customers at the start of the study
D
any new customers signing up during the study
6

A to-do list management app wants to evaluate user satisfaction with a new feature that allows users to copy frequently used lists. The company sends out a survey to all 7,000 app users, asking them to rate the feature on a scale from 1 to 10 Out of the 7,000 users, 750 responded. The company finds that the average satisfaction score is 9.3 and concludes that the new feature is highly successful. Match each error to its description.

Answer:

Users who are more engaged with the app or more satisfied with the feature may be more likely to respond.|Randomization is not included when deciding about the distribution of the surveys.|The user's differences between those who completed the survey and those who did not could skew the results.

7

A company, "GreenTech Innovations," is planning its budget for the upcoming fiscal year and wants to make decisions about cost reduction and investment opportunities. They are particularly concerned about managing operating expenses while maintaining growth. Sort the questions according to whether they are statistical questions.

Answer:

What is the current balance of the company's cash reserves?,What is the total operating cost for the last quarter?,What percentage of the budget is allocated to marketing for the next fiscal year?|How has the company's monthly operating cost varied over the past five years?,For how many months has the company earned revenues that fall in different intervals?

9

A to-do list management app wants to evaluate user satisfaction with a new feature that allows users to copy frequently used lists. The company sends out a survey to all 7,000 app users, asking them to rate the feature on a scale from 1 to 10 Out of the 7,000 users, 750 responded. The company finds that the average satisfaction score is 9.3 and concludes that the new feature is highly successful. Match each error to its description.

Answer:

Users who are more engaged with the app or more satisfied with the feature may be more likely to respond.|Randomization is not included when deciding about the distribution of the surveys.|The user's differences between those who completed the survey and those who did not could skew the results.

10

A restaurant chain, "Gourmet Grills," plans to expand its menu offerings and optimize its customer service experience. The management needs to analyze customer preferences and operational efficiency to make informed decisions. Which question would be an appropriate statistical question?

A
What is customers' average wait time for dinner over the past six months?
B
What is the price of the new seafood platter?
C
What are the restaurant's operation hours on the weekend?
D
How many employees are scheduled to work during the Friday dinner shift?

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